Market Report - Asia Shares Drop

In todays market report Asian shares slumped, while safe-haven U.S. Treasuries gained after the Obama administration's autos task force rejected multi-billion dollar pleas for troubled automakers General Motors and Chrysler.

Japan's Nikkei fell as automakers tumbled on renewed worries about their U.S. peers, while the yen gained.

Australian stocks ended down as top financials fell on worries over the global economy. Most resources stocks fell on weaker commodities prices.

Australian miner OZ Minerals is still convincing its lenders to extend $900 million in debt due on Tuesday.

On the economic front, Japanese industrial output slid for a fifth month in a row in February, as weak exports deepened the worst recession since World War Two.

South Korea posted the biggest current account surplus in 11 years in February. The won's sharp drop over the past year boosted exports while discouraging spending abroad.

Category:

News & Politics

Tags:

• ntd
• market report
• asia shares
• money
• trade
• economy
• business
• stock
• oil
• inpex